The French owners of car repairs chain Kwik-Fit have agreed to sell its insurance broking arm in a £215 million deal, it was announced today.
Private equity group PAI Partners is selling Kwik-Fit Insurance Services (KFIS) - which has around 600,000 customers with policies across lines including home, car and travel insurance - to the UK division of Belgian insurer Ageas.
Ageas said the deal would consolidate its position as the fourth largest personal insurance broker in the UK, with 1.6 million customers.
